20 Mar 2014

The SPX and other major indexes did not make new highs today and that is very telling since the banks are or were the only ones that did.  The H&S pattern is still alive and well.  But sentiments still UP for the time being.  The market is close to a turn in my opinion, but until I see a downtrend in the ST, I can't really rule out higher prices.  So far prices for the SPX has been contained near its down trending line or angle (Shown in GREEN below).

MT: DOWN
ST: UP
PA: UP